Quarterly report pursuant to Section 13 or 15(d)

RECAST- Condensed Consolidated Statement of Operations and Other Comprehensive Income (Details)

v3.23.1
RECAST- Condensed Consolidated Statement of Operations and Other Comprehensive Income (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenue:        
Fee and commission income $ 83,157 $ 93,025 $ 172,603 $ 171,140
Debt Securities, Trading, Gain (Loss) 9,005 181,603 13,439 190,285
Net realized loss on investments available for sale 716 (622) 123 (653)
Investment Income, Interest 58,999 26,619 107,562 48,857
Underwriting Income (Loss) 26,200 16,022 50,440 30,098
Foreign Currency Transaction Gain (Loss), before Tax 4,555 1,508 9,148 2,716
Derivative, Gain (Loss) on Derivative, Net (2,320) (656) (1,054) (715)
Total revenue, net 180,312 317,499 352,261 441,728
Expense:        
Fee and commission expense 18,439 22,651 41,754 43,844
Interest expense 40,863 16,716 80,934 30,962
Insurance claims incurred, net of reinsurance 17,475 13,513 34,167 24,809
Operating expense 37,760 21,770 75,759 41,191
Provision for impairment losses 3,726 978 6,154 1,245
Other expense, net 192 786 (368) 795
TOTAL EXPENSE 118,455 76,414 238,400 142,846
INCOME BEFORE INCOME TAX 61,857 241,085 113,861 298,882
Income tax expense (12,619) (32,094) (21,498) (37,220)
INCOME FROM CONTINUING OPERATIONS 49,238 208,991 92,363 [1] 261,662 [1]
Income/(loss) before income tax (expense)/benefit of discontinued operations (including loss on disposal of $41,464, see Note 25) (18,302) (2,779) 800 458
Income tax (expense)/benefit of discontinued operations (3,724) 529 (6,880) (9)
Income from discontinued operation (22,026) (2,250) (6,080) [1] 449 [1]
NET INCOME 27,212 206,741 86,283 [1] 262,111 [1]
Less: Net income/(loss) attributable to non-controlling interest in subsidiary 950 (20) (1,044) (72)
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS 26,262 206,761 87,327 262,183
OTHER COMPREHENSIVE INCOME        
Change in unrealized gain on investments available-for-sale, net of tax effect 1,477 (1,601) 2,343 (726)
Reclassification adjustment for net realized gain on available-for-sale investments disposed of in the period, net of tax effect (716) 622 (123) 653
Translation difference (16,663) 1,181 5,316 4,203
OTHER COMPREHENSIVE (LOSS)/ INCOME (15,902) 202 7,536 4,130
COMPREHENSIVE INCOME BEFORE NON-CONTROLLING INTERESTS 11,310 206,943 93,819 266,241
Less: Comprehensive loss attributable to non-controlling interest in subsidiary 950 (20) (1,043) (72)
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS $ 10,360 $ 206,963 $ 94,862 $ 266,313
Earnings per basic share (in USD per share) $ 0.82 $ 3.51 $ 1.59 $ 4.42
Earnings per diluted share (in USD per share) 0.81 3.51 1.57 4.42
Earnings per common share-basic (in USD per share) 0.45 3.47 1.49 4.43
Earnings per common share- diluted (in USD per share) $ 0.44 $ 3.47 $ 1.46 $ 4.43
Weighted average number of shares, basic (in shares) 58,665,415,000 59,510,976,000 58,624,513,000 59,220,800,000
Weighted average number of shares, diluted (in shares) 59,518,473,000 59,510,976,000 59,678,513,000 59,220,800,000
Central Asia        
Revenue:        
Fee and commission income $ 19,067 $ 5,266 $ 28,259 $ 11,522
Debt Securities, Trading, Gain (Loss) 15,828 2,756 37,417 11,698
Net realized loss on investments available for sale 716 (622) 123 (653)
Investment Income, Interest 46,275 24,206 85,185 45,035
Underwriting Income (Loss) 26,200 16,022 50,440 30,098
Foreign Currency Transaction Gain (Loss), before Tax 7,601 1,304 11,869 2,774
Derivative, Gain (Loss) on Derivative, Net (2,320) (656) (1,054) (715)
Total revenue, net 113,367 48,276 212,239 99,759
Expense:        
Fee and commission expense 11,812 2,123 22,527 4,654
Interest expense 34,562 14,490 66,530 26,758
Insurance claims incurred, net of reinsurance 17,475 13,513 34,167 24,809
Operating expense 21,715 12,206 42,482 23,081
Provision for impairment losses 3,732 978 6,164 1,233
Other expense, net 94 794 (407) 800
TOTAL EXPENSE 89,390 44,104 171,463  
INCOME BEFORE INCOME TAX 23,977 4,172 40,776 18,424
Income tax expense (534) 135 (596) 22
INCOME FROM CONTINUING OPERATIONS 23,443 4,307 40,180 18,446
Europe        
Revenue:        
Fee and commission income 63,040 86,594 142,160 157,484
Debt Securities, Trading, Gain (Loss) (7,210) 178,951 (22,634) 178,993
Net realized loss on investments available for sale 0 0 0 0
Investment Income, Interest 10,177 2,400 15,388 3,762
Underwriting Income (Loss) 0 0 0 0
Foreign Currency Transaction Gain (Loss), before Tax (2,400) 166 (1,830) (60)
Derivative, Gain (Loss) on Derivative, Net 0 0 0 0
Total revenue, net 63,607 268,111 133,084 340,179
Expense:        
Fee and commission expense 6,474 20,360 18,901 38,840
Interest expense 2,964 1,805 5,660 3,503
Insurance claims incurred, net of reinsurance 0 0 0 0
Operating expense 10,534 4,952 22,099 9,744
Provision for impairment losses (1) 0 (2) 12
Other expense, net 101 (8) 97 (5)
TOTAL EXPENSE 20,072 27,109 46,755  
INCOME BEFORE INCOME TAX 43,535 241,002 86,329 288,085
Income tax expense (6,623) (8,152) (13,846) (14,014)
INCOME FROM CONTINUING OPERATIONS 36,912 232,850 72,483 274,071
U.S.        
Revenue:        
Fee and commission income 1,050 1,165 2,184 2,134
Debt Securities, Trading, Gain (Loss) 387 (104) (1,344) (406)
Net realized loss on investments available for sale 0 0 0 0
Investment Income, Interest 2,547 13 6,989 60
Underwriting Income (Loss) 0 0 0 0
Foreign Currency Transaction Gain (Loss), before Tax (665) 38 (899) 2
Derivative, Gain (Loss) on Derivative, Net 0 0 0 0
Total revenue, net 3,319 1,112 6,930 1,790
Expense:        
Fee and commission expense 144 168 297 350
Interest expense 3,337 421 8,744 701
Insurance claims incurred, net of reinsurance 0 0 0 0
Operating expense 5,093 4,583 10,360 8,372
Provision for impairment losses (5) 0 (8) 0
Other expense, net (3) 0 (8) 0
TOTAL EXPENSE 8,566 5,172 19,385  
INCOME BEFORE INCOME TAX (5,247) (4,060) (12,455) (7,633)
Income tax expense (5,472) (24,077) (7,077) (23,228)
INCOME FROM CONTINUING OPERATIONS (10,719) (28,137) (19,532) (30,861)
Middle East/Caucasus        
Revenue:        
Fee and commission income 0 0 0 0
Debt Securities, Trading, Gain (Loss) 0 0 0 0
Net realized loss on investments available for sale 0 0 0 0
Investment Income, Interest 0 0 0 0
Underwriting Income (Loss) 0 0 0 0
Foreign Currency Transaction Gain (Loss), before Tax 19 0 8 0
Derivative, Gain (Loss) on Derivative, Net 0 0 0 0
Total revenue, net 19 0 8 0
Expense:        
Fee and commission expense 9 0 29 0
Interest expense 0 0 0 0
Insurance claims incurred, net of reinsurance 0 0 0 0
Operating expense 418 29 818  
Provision for impairment losses 0 0 0 0
Other expense, net 0 0 (50) 0
TOTAL EXPENSE 427 29 797  
INCOME BEFORE INCOME TAX (408) (29) (789) 6
Income tax expense 10 0 21 0
INCOME FROM CONTINUING OPERATIONS (398) (29) (768) 6
Discontinued operations        
Revenue:        
Fee and commission income 17,395 19,432 48,060 36,450
Debt Securities, Trading, Gain (Loss) 1,950 (5,164) 13,099 (3,105)
Investment Income, Interest 17,440 5,114 29,861 9,788
Foreign Currency Transaction Gain (Loss), before Tax 19,989 (3) 20,414 (2,235)
Total revenue, net 56,774 19,379 111,434 40,898
Expense:        
Fee and commission expense 2,324 2,159 4,250 4,226
Interest expense 4,261 2,210 10,019 4,459
Operating expense 26,072 17,764 53,540 31,587
Provision for impairment losses 212 50 582 76
Other expense, net 743 (25) 779 92
TOTAL EXPENSE 75,076 22,158 110,634 40,440
INCOME BEFORE INCOME TAX $ (18,302) (2,779) 800 458
Income from discontinued operation     $ (6,080) 449
As previously reported        
Revenue:        
Fee and commission income   114,344   210,649
Debt Securities, Trading, Gain (Loss)   175,252   185,152
Net realized loss on investments available for sale   0   0
Investment Income, Interest   22,253   41,431
Underwriting Income (Loss)   0   0
Foreign Currency Transaction Gain (Loss), before Tax   1,622   434
Derivative, Gain (Loss) on Derivative, Net   (656)   (715)
Total revenue, net   312,815   436,951
Expense:        
Fee and commission expense   22,968   44,832
Interest expense   16,185   30,457
Insurance claims incurred, net of reinsurance   0   0
Operating expense   36,569   66,888
Provision for impairment losses   366   659
Other expense, net   653   664
TOTAL EXPENSE   76,741   143,500
INCOME BEFORE INCOME TAX   236,074   293,451
Income tax expense   (31,562)   (37,231)
INCOME FROM CONTINUING OPERATIONS   204,512   256,220
Income/(loss) before income tax (expense)/benefit of discontinued operations (including loss on disposal of $41,464, see Note 25)   0   0
Income tax (expense)/benefit of discontinued operations   0   0
Income from discontinued operation   0   0
NET INCOME   204,512   256,220
Less: Net income/(loss) attributable to non-controlling interest in subsidiary   (20)   (72)
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS   204,532   256,292
OTHER COMPREHENSIVE INCOME        
Change in unrealized gain on investments available-for-sale, net of tax effect   0   0
Reclassification adjustment for net realized gain on available-for-sale investments disposed of in the period, net of tax effect   0   0
Translation difference   930   4,230
OTHER COMPREHENSIVE (LOSS)/ INCOME   930   4,230
COMPREHENSIVE INCOME BEFORE NON-CONTROLLING INTERESTS   205,442   260,450
Less: Comprehensive loss attributable to non-controlling interest in subsidiary   (20)   (72)
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS   $ 205,462   $ 260,522
Earnings per basic share (in USD per share)   $ 3.44   $ 4.33
Revision of prior period, adjustment | Discontinued operations        
Revenue:        
Fee and commission income   $ (21,179)   $ (39,345)
Debt Securities, Trading, Gain (Loss)   5,163   3,104
Net realized loss on investments available for sale   0   0
Investment Income, Interest   (3,368)   (6,892)
Underwriting Income (Loss)   0   0
Foreign Currency Transaction Gain (Loss), before Tax   3   2,234
Derivative, Gain (Loss) on Derivative, Net   0   0
Total revenue, net   (19,381)   (40,899)
Expense:        
Fee and commission expense   (2,159)   (4,226)
Interest expense   (2,210)   (4,459)
Insurance claims incurred, net of reinsurance   0   0
Operating expense   (17,765)   (31,587)
Provision for impairment losses   (50)   (77)
Other expense, net   24   (92)
TOTAL EXPENSE   (22,160)   (40,441)
INCOME BEFORE INCOME TAX   2,779   (458)
Income tax expense   0   0
INCOME FROM CONTINUING OPERATIONS   2,779   (458)
Income/(loss) before income tax (expense)/benefit of discontinued operations (including loss on disposal of $41,464, see Note 25)   (2,779)   458
Income tax (expense)/benefit of discontinued operations   529   (537)
Income from discontinued operation   (2,250)   (79)
NET INCOME   0   0
Less: Net income/(loss) attributable to non-controlling interest in subsidiary   0   0
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS   0   0
OTHER COMPREHENSIVE INCOME        
Change in unrealized gain on investments available-for-sale, net of tax effect   0   0
Reclassification adjustment for net realized gain on available-for-sale investments disposed of in the period, net of tax effect   0   0
Translation difference   134   0
OTHER COMPREHENSIVE (LOSS)/ INCOME   134   0
COMPREHENSIVE INCOME BEFORE NON-CONTROLLING INTERESTS   134   0
Less: Comprehensive loss attributable to non-controlling interest in subsidiary   0   0
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS   $ 134   $ 0
Earnings per basic share (in USD per share)   $ (0.05)   $ 0.01
Revision of prior period, adjustment | FF Life Acquisition        
Revenue:        
Fee and commission income   $ 0   $ 0
Debt Securities, Trading, Gain (Loss)   329   600
Net realized loss on investments available for sale   (622)   (653)
Investment Income, Interest   5,513   10,100
Underwriting Income (Loss)   12,804   24,062
Foreign Currency Transaction Gain (Loss), before Tax   (106)   38
Derivative, Gain (Loss) on Derivative, Net   0   0
Total revenue, net   17,918   34,147
Expense:        
Fee and commission expense   1,836   3,128
Interest expense   1,120   1,998
Insurance claims incurred, net of reinsurance   9,748   18,616
Operating expense   1,336   2,612
Provision for impairment losses   0   0
Other expense, net   110   225
TOTAL EXPENSE   14,150   26,579
INCOME BEFORE INCOME TAX   3,768   7,568
Income tax expense   (13)   (1)
INCOME FROM CONTINUING OPERATIONS   3,755   7,567
Income/(loss) before income tax (expense)/benefit of discontinued operations (including loss on disposal of $41,464, see Note 25)   0   0
Income tax (expense)/benefit of discontinued operations   0   0
Income from discontinued operation   0   0
NET INCOME   3,755   7,567
Less: Net income/(loss) attributable to non-controlling interest in subsidiary   0   0
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS   3,755   7,567
OTHER COMPREHENSIVE INCOME        
Change in unrealized gain on investments available-for-sale, net of tax effect   (1,601)   (726)
Reclassification adjustment for net realized gain on available-for-sale investments disposed of in the period, net of tax effect   622   653
Translation difference   21   71
OTHER COMPREHENSIVE (LOSS)/ INCOME   (958)   (2)
COMPREHENSIVE INCOME BEFORE NON-CONTROLLING INTERESTS   2,797   7,565
Less: Comprehensive loss attributable to non-controlling interest in subsidiary   0   0
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS   2,797   7,565
Revision of prior period, adjustment | FF Life Acquisition | Elimination adjustment of business combination        
Revenue:        
Fee and commission income   (91)   (91)
Debt Securities, Trading, Gain (Loss)   0   0
Net realized loss on investments available for sale   0   0
Investment Income, Interest   0   0
Underwriting Income (Loss)   0   0
Foreign Currency Transaction Gain (Loss), before Tax   0   0
Derivative, Gain (Loss) on Derivative, Net   0   0
Total revenue, net   (91)   (91)
Expense:        
Fee and commission expense   (91)   (91)
Interest expense   0   0
Insurance claims incurred, net of reinsurance   0   0
Operating expense   0   0
Provision for impairment losses   0   0
Other expense, net   0   0
TOTAL EXPENSE   (91)   (91)
INCOME BEFORE INCOME TAX   0   0
Income tax expense   0   0
INCOME FROM CONTINUING OPERATIONS   0   0
Income/(loss) before income tax (expense)/benefit of discontinued operations (including loss on disposal of $41,464, see Note 25)   0   0
Income tax (expense)/benefit of discontinued operations   0   0
Income from discontinued operation   0   0
NET INCOME   0   0
Less: Net income/(loss) attributable to non-controlling interest in subsidiary   0   0
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS   0   0
OTHER COMPREHENSIVE INCOME        
Change in unrealized gain on investments available-for-sale, net of tax effect   0   0
Reclassification adjustment for net realized gain on available-for-sale investments disposed of in the period, net of tax effect   0   0
Translation difference   0   0
OTHER COMPREHENSIVE (LOSS)/ INCOME   0   0
COMPREHENSIVE INCOME BEFORE NON-CONTROLLING INTERESTS   0   0
Less: Comprehensive loss attributable to non-controlling interest in subsidiary   0   0
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS   0   0
Revision of prior period, adjustment | Insurance acquisitions        
Revenue:        
Fee and commission income   28   88
Debt Securities, Trading, Gain (Loss)   859   1,429
Net realized loss on investments available for sale   0   0
Investment Income, Interest   2,221   4,218
Underwriting Income (Loss)   3,218   6,036
Foreign Currency Transaction Gain (Loss), before Tax   (11)   10
Derivative, Gain (Loss) on Derivative, Net   0   0
Total revenue, net   6,315   11,781
Expense:        
Fee and commission expense   174   362
Interest expense   1,621   2,966
Insurance claims incurred, net of reinsurance   3,765   6,193
Operating expense   1,630   3,278
Provision for impairment losses   662   663
Other expense, net   (1)   (2)
TOTAL EXPENSE   7,851   13,460
INCOME BEFORE INCOME TAX   (1,536)   (1,679)
Income tax expense   10   (7)
INCOME FROM CONTINUING OPERATIONS   (1,526)   (1,686)
Income/(loss) before income tax (expense)/benefit of discontinued operations (including loss on disposal of $41,464, see Note 25)   0   0
Income tax (expense)/benefit of discontinued operations   0   0
Income from discontinued operation   0   0
NET INCOME   (1,526)   (1,686)
Less: Net income/(loss) attributable to non-controlling interest in subsidiary   0   0
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS   (1,526)   (1,686)
OTHER COMPREHENSIVE INCOME        
Change in unrealized gain on investments available-for-sale, net of tax effect   0   0
Reclassification adjustment for net realized gain on available-for-sale investments disposed of in the period, net of tax effect   0   0
Translation difference   96   0
OTHER COMPREHENSIVE (LOSS)/ INCOME   96   0
COMPREHENSIVE INCOME BEFORE NON-CONTROLLING INTERESTS   (1,430)   (1,686)
Less: Comprehensive loss attributable to non-controlling interest in subsidiary   0   0
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS   (1,430)   (1,686)
Revision of prior period, adjustment | Insurance acquisitions | Elimination adjustment of business combination        
Revenue:        
Fee and commission income   (77)   (161)
Debt Securities, Trading, Gain (Loss)   0   0
Net realized loss on investments available for sale   0   0
Investment Income, Interest   0   0
Underwriting Income (Loss)   0   0
Foreign Currency Transaction Gain (Loss), before Tax   0   0
Derivative, Gain (Loss) on Derivative, Net   0   0
Total revenue, net   (77)   (161)
Expense:        
Fee and commission expense   (77)   (161)
Interest expense   0   0
Insurance claims incurred, net of reinsurance   0   0
Operating expense   0   0
Provision for impairment losses   0   0
Other expense, net   0   0
TOTAL EXPENSE   (77)   (161)
INCOME BEFORE INCOME TAX   0   0
Income tax expense   0   0
INCOME FROM CONTINUING OPERATIONS   0   0
Income/(loss) before income tax (expense)/benefit of discontinued operations (including loss on disposal of $41,464, see Note 25)   0   0
Income tax (expense)/benefit of discontinued operations   0   0
Income from discontinued operation       0
NET INCOME   0   0
Less: Net income/(loss) attributable to non-controlling interest in subsidiary   0   0
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS   0   0
OTHER COMPREHENSIVE INCOME        
Change in unrealized gain on investments available-for-sale, net of tax effect   0   0
Reclassification adjustment for net realized gain on available-for-sale investments disposed of in the period, net of tax effect   0   0
Translation difference   0   (98)
OTHER COMPREHENSIVE (LOSS)/ INCOME   0   (98)
COMPREHENSIVE INCOME BEFORE NON-CONTROLLING INTERESTS   0   (98)
Less: Comprehensive loss attributable to non-controlling interest in subsidiary   0   0
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS   $ 0   $ (98)
[1] * Please see Note 4